The Pendle platform lets you split, trade, and lock yield from the biggest DeFi protocols — on Ethereum, Base, Arbitrum, and more.
Live on Ethereum · Base · Arbitrum · BNB Chain v2
PT · YT · LP · vePENDLE
Variable yields are unpredictable. What if you could guarantee your return months ahead — or bet on rates rising without touching the principal? That's exactly what Pendle's protocol was built for.
Lock in a specific APY before rates drop. Principal Tokens (PT) redeem 1:1 at expiry — no surprises, no variable exposure.
Yield Tokens (YT) capture all the yield on a position. Buy YT at a fraction of the cost and enjoy exposure to rate moves — potentially hundreds of times your investment.
LP positions are represented as ERC-721 NFTs, making them composable with the wider DeFi ecosystem. Pair that with Pendle's AMM and you get tight spreads on every trade.
Lock PENDLE into vePENDLE to vote on liquidity gauges, earn protocol fees, and boost rewards. The longer you lock, the more you earn — simple as that.
You don't need to understand every mechanism to get started — but knowing the basics helps you choose the right strategy.
Bring any supported asset — like stETH, sUSDe, or a lending receipt — into the Pendle platform. The protocol wraps it into a Standardised Yield (SY) token automatically.
Mint both tokens and decide what you want. Want certainty? Keep the PT and sell YT. Bullish on rising rates? Keep the YT and sell PT to recover most of your capital upfront.
The AMM is purpose-built for yield tokens. It prices assets based on implied yield rather than raw price, which keeps slippage low even for large orders.
At expiry, PT holders claim the full underlying. Can't wait? Sell on the secondary market anytime before the expiry date. Your funds are never permanently locked.
The Pendle protocol runs natively on Ethereum mainnet, Base, Arbitrum, BNB Chain, Plasma, and HyperEVM — deploy capital where it makes the most sense for your gas budget.
Unlike general-purpose DEXes, Pendle's AMM uses a custom curve that accounts for time-to-maturity. Slippage decreases as expiry approaches, which actually improves execution over time.
Place limit orders in eligible markets and earn PENDLE rewards. The team behind Pendle introduced this mechanism to reduce price impact on large YT purchases.
Move PT positions between supported networks without redeeming first. Less friction, more flexibility — especially useful when Base fees are lower than Ethereum mainnet.
Liquidity provider positions are ERC-721 tokens. That means they're transferable, usable as collateral in compatible protocols, and visible in any NFT wallet.
Lock PENDLE for up to two years to receive vePENDLE. Voting power determines how PENDLE incentives are distributed across pools each epoch.
External protocols can integrate Pendle markets via well-documented interfaces. See the open-source contracts on GitHub for details.
Since the V2 launch, the protocol's growth has outpaced most DeFi verticals. These figures are approximate and change daily — visit the live dashboard for real-time data.
Yield tokenisation explained in depth on Wikipedia — Yield (finance). For EVM standards, see ethereum.org token standards.
Have more questions? Browse the support page or reach out via Discord. The most common questions are covered here.
Pendle is a decentralized protocol that lets users split yield-bearing tokens into Principal Tokens (PT) and Yield Tokens (YT), enabling fixed-rate income or leveraged yield exposure across major DeFi protocols.
Connect any EVM-compatible wallet on the Pendle platform, pick a market on Ethereum or Base, and swap your yield-bearing token into PT or YT in one transaction. No registration required.
The Pendle protocol has undergone multiple third-party security audits. Audit reports are publicly available in the official documentation. Smart contracts have been live since 2021 without a critical exploit.
Pendle is deployed on Ethereum, Arbitrum, BNB Chain, Base, and several other EVM-compatible networks, giving you flexibility to trade where gas costs suit you.
Yes. You can deposit into Pendle liquidity pools and earn swap fees plus PENDLE incentives. Liquidity providers receive an LP token — structured as an ERC-721 NFT — that tracks your share of the pool.
Pendle gives you control over the timing and rate of your yield. Instead of accepting whatever variable APY a money market offers today, you can lock in a fixed rate months in advance or speculate on rate moves.
A PT represents the principal portion of a yield-bearing position. It matures at 1:1 with the underlying asset on the expiry date, so buying it at a discount is equivalent to earning a fixed yield.
A YT entitles you to all yield generated by the underlying position until expiry. If you expect rates to rise, buying YT gives you leveraged exposure to that upside — sometimes hundreds of times your capital.
Every Pendle market has a fixed expiry date. After expiry, PT holders can redeem 1:1 for the underlying asset. YT holders stop receiving yield. Funds are never locked beyond the expiry date.
PENDLE is the native governance and incentive token. Lock PENDLE into vePENDLE to vote on liquidity gauge weights, earn a share of protocol fees, and boost your LP rewards on Pendle.
Yes. The Pendle platform is fully deployed on Base, Coinbase's Layer 2. Transactions on Base are faster and cheaper than mainnet Ethereum while using the same security model.
You can sell PT or YT on the Pendle AMM at any time before expiry. Prices fluctuate with implied yield expectations, so you may gain or lose relative to your entry price.
Pendle charges a small swap fee on every trade through its AMM. A portion of fees goes to vePENDLE holders, and the rest is distributed to liquidity providers in the pool.
Head to the support page for detailed guides, or join the official Discord community where the Pendle team and community members answer questions daily.